Jamie Dimon Explains Why No One On Wall Street Cares About The Debt Ceiling

Jamie Dimon just said on JPMorgan's quarterly conference call that the
market expects that the debt ceiling will be raised.

That explains why everyone we've asked says they're not concerned
about
the debt ceiling -- they just assume it's all politics and
it'll work out.

This sums up what we're hearing from people on the street when we
ask about the debt ceiling (we ask questions like, Are you
concerned that the U.S. will hit the debt ceiling without a deal?
Are you preparing for the possibility that it will?):

"Nah, it's all [political] posturing." -- Hedge fund manager

"No concerns on debt ceiling. US market is stable on a relative
basis. US Treasury bonds are still bid with 10-year yields back
to near YTD lows at $2.91." -- Quant from Credit Suisse

"I don't have much clever to add to that area other than the
obvious cliche response." -- Hedge fund manager

"Obama is very disingenuous continuing to engage in class warfare
and attempting to scare the public into thinking that extending
the government's blank check is vital to our future financial
security." -- Economics professor

"Everyone thinks it's gonna get raised. I do too but it's scary
when everyone thinks the same thing." -- Fund of funds manager

Whether or not Wall Street believes the U.S. might default, Megan
McArdle and Business Insider's Joe Weisethal explain that Wall
Street is assuming a level of rationality among politicians that
just
is not there. They assume that politicians are as rational as
the market, which is telling them: it's already raised. But
politicians are just worrying about how to get re-elected.

Dimon on the other hand, spoke to the importance on this
morning's quarterly earnings call. He said: